NAPA, CALIFORNIA - JUNE 25: (L-R) Priya Rao, Executive Editor, The Business of Beauty and Guillaume Motte, CEO, Sephora, speak onstage during The Business of Beauty Global Forum 2026 at Stanly Ranch on June 25, 2026 in Napa, California. (Photo by Monica Schipper/Getty Images for The Business of Fashion)

NAPA, CALIFORNIA - JUNE 24: (L-R) Priya Rao, Executive Editor, The Business of Beauty and Paloma Elsesser speak onstage during The Business of Beauty Global Forum 2026 at Stanly Ranch on June 24, 2026 in Napa, California. (Photo by Amy Sussman/Getty Images for The Business of Fashion)

NAPA, CALIFORNIA - JUNE 24: Priya Rao, Executive Editor, The Business of Beauty speaks onstage during The Business of Beauty Global Forum 2026 at Stanly Ranch on June 24, 2026 in Napa, California. (Photo by Frazer Harrison/Getty Images for the Business of Fashion )

NAPA, CALIFORNIA - JUNE 24: (L-R) Priya Rao, Executive Editor, The Business of Beauty and Paloma Elsesser attend The Business of Beauty Global Forum 2026 at Stanly Ranch on June 24, 2026 in Napa, California. (Photo by Monica Schipper/Getty Images for The Business of Fashion)

NAPA, CALIFORNIA - JUNE 24: (L-R) Priya Rao, Executive Editor, The Business of Beauty and Paloma Elsesser speak onstage during The Business of Beauty Global Forum 2026 at Stanly Ranch on June 24, 2026 in Napa, California. (Photo by Amy Sussman/Getty Images for The Business of Fashion)

NAPA, CALIFORNIA - JUNE 24: Paloma Elsesser speaks onstage during The Business of Beauty Global Forum 2026 at Stanly Ranch on June 24, 2026 in Napa, California. (Photo by Frazer Harrison/Getty Images for the Business of Fashion)

NAPA, CALIFORNIA - JUNE 24: Paloma Elsesser speaks onstage during The Business of Beauty Global Forum 2026 at Stanly Ranch on June 24, 2026 in Napa, California. (Photo by Amy Sussman/Getty Images for The Business of Fashion)

NAPA, CALIFORNIA - JUNE 24: Paloma Elsesser attends The Business of Beauty Global Forum 2026 at Stanly Ranch on June 24, 2026 in Napa, California. (Photo by Amy Sussman/Getty Images for The Business of Fashion)